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T O P I C R E V I E W
Longman
Posted - 19 February 2009 : 20:51:20 Company Cars
Hi all, slowly coming round to the thought of BR now. Although currently unemployed, my next job is likely to come with a car allowance of c£5k. Will this be deemed excessive, even though described in my contract as car allowance? I am also likely to lose 40% of this in income tax, can I make extra claims for car insurance, tax, diesel etc...?
many thanks
1 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 19 February 2009 : 21:20:16 Hi
The car allowance - after tax - should be exempt from an IPA calculation as it is in lieu of a company car. Most companies will insist on the car being X years old etc etc etc.
you may receive fuel as expenses but no doubt the car allowance is to include an element for maintenance, tax insurance etc as well